HK Stock Movement | CHINA OILFIELD (02883) Rises Over 4% Again, Converts $746 Million Debt into Equity to Bolster Norwegian Oil & Gas Business

Stock News01-22

CHINA OILFIELD (02883) rose over 4% again. As of the time of writing, the stock was up 3.83%, trading at HK$8.41 with a turnover of HK$33.7734 million. The company announced its intention to convert $746 million (approximately RMB 5.242 billion) of debt owed by its wholly-owned subsidiary COSL Norwegian AS into equity investment, with the debt maturing by August 31, 2025. Upon completion of this investment, the company and CSL will hold 83.02% and 16.98% equity stakes in COSL Norwegian AS, respectively. Established in 2008 and registered in Sandnes, Norway, COSL Norwegian AS's primary business encompasses market promotion, sales, and operations related to well intervention, drilling, and associated vessels for the oil and gas industry. It is a wholly-owned subsidiary of COSL Singapore Limited (CSL), which is itself a wholly-owned subsidiary of COSL Hong Kong International Limited, a wholly-owned subsidiary of CHINA OILFIELD, and is responsible for business operations in the Norway region.

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